Kathmandu. The Nepal Insurance Authority (INSURANCE) has extended the deadline for foreign reinsurance broker companies to open offices in Nepal.
The Insurance Authority has extended the deadline for foreign reinsurance broker companies to open offices in Nepal by making the first amendment to the Insurer’s Reinsurance Guidelines, 2080. According to the revised guidelines, the re-insurer broker who receives the listing number from the AUTHORITY will now have to set up a branch and liaison office or a joint investment office by mid-January 2082. According to the provisions of the earlier guidelines, all foreign reinsurance broker companies were required to open an office in Nepal within six months of receiving the listing number.
The NEA had issued a directive on March 12 last year and said that the office would be set up by June 15. Despite the directives of the NRA, most of the foreign reinsurance broker companies have not brought into operation the company, branch or liaison office with joint investment in Nepal.
According to nea, the current fiscal year 2082. A total of 54 reinsurance broker companies are listed for 83. Only a limited number of foreign reinsurance brokers, including UIB and Synergy, have set up offices in Nepal.
Although the NRA can deny listing of reinsurance brokers who do not follow the instructions given to set up an office in Nepal. No foreign reinsurance broker company can operate reinsurance service in Nepal without taking permission from the AUTHORITY.
Similarly, amending the guidelines, the NRA has said that ‘Regulations’ should mean the Insurance Regulations, 2081 BS. In the guidelines before the amendment, it was mentioned that ‘Regulations’ should mean the Insurance Rules, 2049.
